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Effectively Manage Multiple Credit Cards

Managing multiple credit cards is not meant for the fainthearted, nor is it the safest option for the spendthrift. However, for those who are well-versed with the art of saving and monitored spending, availing more than one credit card can be a cost-effective option. There is a common misconception propagated by some financial analysts and consumers, that using more than one credit card can spell trouble, and must be canceled once and for all.

However, very few will tell you that using your credit cards wisely can help increase your credit score and creditworthiness. Of course, if the cards are used unwisely, it would be merely a matter of time before consumers find themselves in some serious debt. This Buzzle article discusses how to effectively manage multiple credit cards.
How to Manage Multiple Credit Cards
Credit experts advice consumers to always opt for a zero balance credit card, which they must keep locked away in a locker or someplace, where they won’t feel the need to use it at all. This way, the card can be used in case of dire emergencies, such as when an existing credit card is stolen, lost, or breaks. In such situations, the zero balance card can be used as a backup, while the previous card is replaced.

The advantage of owning more than one credit card is, that each of the cards can be used for a specific purpose, or alternately. While one card can be used for incurring daily expenses, the other can be used for big expenses or paying for emergencies.

Most cards offer reward points for certain specific commodities and services, and therefore should be used accordingly. For instance, one credit card may offer more reward points for fuel or booking tickets, and thus, must not be used for groceries or cash-back services. Having multiple cards will offer many types of reward points, which can help minimize expenses to a large extent.
Consumers can avail credit cards with lower interest rates, so that they are able to save on their interest fees and increase their savings every month. Going for cards that offer minimal or 0% introductory rate for purchase and balance transfers for a fixed period of time, can not only help consumers save but also monitor their expenses. Secondly, knowing that a low interest rate exists can be a source of great comfort for those who are unable to pay off the bills for a month or two.